Tokyo-based crypto exchange Amber Japan, formerly known as DeCurret, has rebranded to S.BLOX following its acquisition by Sony Group. This marks Sony’s debut in the crypto exchange sector.
In a press release on July 1, Amber Japan, known for its “WhaleFin” crypto trading service, announced plans to enhance its platform with expanded currency support and new features under the S.BLOX brand. Sony aims to utilize its wide-ranging businesses to innovate within the cryptocurrency trading service sector, according to the press release.
Startale Labs CEO Sota Watanabe shared in a post on X that Startale’s leadership will spearhead the exchange operations at Sony. He further mentioned that both parties had formulated a plan for the chain layer 1.5 years ago and are now moving into the execution phase.
Founded in 2018 as DeCurret, the firm underwent acquisition by the Japanese subsidiary of Singapore’s Amber Group in 2022. At the time, Amber Group highlighted that acquiring DeCurret would enable it to offer regulated crypto exchange and custody services compliant with Japan’s financial market regulations, given DeCurret’s registration with the Japan Financial Services Agency.
However, in 2023, Amber Group encountered significant challenges, including cost-cutting measures and layoffs, amidst a crypto market downturn precipitated by the collapse of FTX. Reports also indicated that the firm halted its international expansion plans due to the broader market impact caused by the FTX collapse.